Do You Have to Pay Back SBA Loans?

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What Is an SBA Loan?
7(a) Loans
CDC/504 Loans
Microloans
What Is an Economic Injury Disaster Loan?
Economic Injury Disaster Advance Grants
Do I Have to Pay Back an SBA Disaster Relief Loan?
Hardship Plan for Covid Loans
Terms
Borrowers are required to pay at least 10% of their monthly payment amount (with a $25 minimum), for six months. During the Hardship Accommodation period, borrowers can voluntarily make larger payments. The regular monthly payment amount will resume and be required after the six-month Hardship Accommodation period ends. Borrowers may be able to renew the Hardship Accommodation Plan, if necessary.
EIDL Loan Terms
Eligibility
Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary operating expenses. EIDL provides the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume. EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
The Takeaway
Frequently Asked Questions
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About the Author
Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.
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